Marine Powerboat Battery Market: Introduction
The global marine powerboat battery market was valued at US$ 150 Mn in 2019 and is anticipated to expand at a CAGR of ~8% during the forecast period. Based on battery type, the absorbent glass mat segment held a prominent share of the global marine powerboat battery market in 2019, as absorbent glass mat batteries tend to charge more quickly and hold longer than lead-acid batteries. In terms of power rating, the above 20 V segment accounted for a major share of the global marine powerboat battery market in 2019. Above 20V batteries are largely employed in marine powerboats to power electronic devices. Based on vessel type, the cruiser segment constituted significant share of the global marine powerboat battery market in 2019. The demand for cruiser powerboat is high, as it offers variety of onboard activities and is available in different types of sizes and shapes.
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Key Drivers of Marine Powerboat Battery Market
Household income as well as disposable income of consumers have increased significantly across the globe due to rapid industrialization and urbanization. Tourism, recreation, and leisure activities have risen substantially in North America and Europe. The global tourism industry has been transforming, with increasing popularity of marine and coastal tourism activities. The number of boat shows has increased in the last two years. These shows are sponsored by boat manufacturers, leading beverage manufacturers, and adventure sports clubs. Large numbers of tourists are participating in luxury boating activities, especially in Europe and North America. According to the National Marine Manufacturers Association of the U.S., the unit sales of powerboats rose by 4.0%, i.e. approximately 280,000 units, in 2019. Furthermore, the recreational boating industry contributes more than US$ 170 Bn to economic growth in the U.S.
Governments across the globe are promoting sea tourism. Countries with rich natural resources, such as vast coastlines and large inland water bodies, are undertaking initiatives to promote recreational boating activities. North America and Europe have a long coastline, coupled with highly developed infrastructure. As a result, these regions are able to attract large numbers of tourists for leisure boating activities. Thus, increase in spending on recreation and leisure activities is estimated to boost the powerboat market, thereby propelling the demand for marine powerboat battery in the near future.
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Europe to Lead Marine Powerboat Battery Market
Europe dominated the global marine powerboat battery market in 2019. Europe has the highest number of powerboat users in the world. Furthermore, powerboat recreational activities are rising in the region. Thus, Europe is expected to continue to dominate the global marine powerboat battery market during forecast period. It is also anticipated to be a highly attractive region of the global marine powerboat battery market in the near future. Germany was a major country for marine powerboat battery in Europe in 2019. This can be ascribed to the rise in demand for powerboats in the country. The government’s initiative to promote sea tourism in the country is also one of the leading factors driving the marine powerboat battery market.
In terms of market share, North America follows Europe in the global marine powerboat battery market. The U.S. is expected to dominate the marine powerboat market in the region during the forecast period. Retail unit sales of new powerboats increased by 4% to approximately 280,000 units in in the U.S. in 2018, the highest since that in 2007. This rise in demand for powerboats is estimated to continue during the forecast period. Hence, the marine powerboat battery market in North America is likely to expand during the forecast period.
The marine powerboat battery market in Asia Pacific, Latina America, and Middle East & Africa is projected to expand at a steady CAGR in the near future. The rise in tourism and governments’ initiative to develop infrastructure around the coastal areas are estimated to drive the marine powerboat battery market in these regions in the near future.
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Major Developments in Marine Powerboat Battery Market
In December 2019, East Penn Manufacturing Company started offering the complete line of lead and lithium material handling battery products for class I, II, and III operations. In 2018, Exide Technologies acquired Aker Wade Technologies, which designs and manufactures advanced charging systems for industrial forklifts. The addition of Aker Wade chargers to Exide’s GNB Industrial Power battery portfolio would provide best-in-class total power solutions to the motive power industry.
Competition Landscape of Marine Powerboat Battery Market
The marine powerboat battery market is dominated by multinational players operating across the globe. Prominent players operating in the global marine powerboat battery are Clarios, Saft, Trojan Battery, Exide Technologies, GS Yuasa International Ltd., Victron Energy B.V., Power Sonic Corporation, and Fullriver Battery.
